I Opened An Arcade And Now I’m Bankrupt

The Ramsey Show Highlights

Ramsey Network

Business, Education, Investing, Self-improvement

4.5 • 839 Ratings

🗓️ 19 January 2026

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.0	I'm trying to find out or figure out, if you will, if maybe I should just file bankruptcy and start all over.
0:14.0	I kind of got myself into some pickles here.
0:19.0	Okay. Give us a picture. What are you facing? So we started a business,
0:29.2	my wife and I started a business here, local where we're at, was going okay. And then we decided to try to enact or start up a something for the community
0:44.2	and like an arcade and brought in some people to help us out they had the games we had the
0:52.2	space and so we were putting that together.
0:57.0	We encountered some issues with the way things were operating, so we thought we would
1:03.0	branch out and get our own equipment and things just have not turned out to come to fruition.
1:10.0	So what have you spent on getting this arcade up and running?
1:15.6	So right now we're about 25,000 in debt on just the arcade.
1:20.9	Okay.
1:21.7	And how long has this, how long have you been in this business venture?
1:25.7	Has it been a year, six months, more?
1:29.6	We are about a year and nine months. Okay. And what's the issue? Is it people just aren't
1:35.8	showing up? Is it the prices are hot or too low, but when we raise them, it doesn't work out? Like,
1:41.0	what's the problem? Yeah, people just have not showed up.
1:46.2	So we were unaware of some of the startup costs from the bank to obtain the debt.
1:55.8	And so when we went to go sign the papers, it was, by the way, here's, you know, some additional
2:01.2	fees that need to get paid. And instead of going back to underwrite the additional fees
2:10.7	to make sure that we were going to be able to make it happen, I said, I'm sure it'll be
2:15.1	fine. I can figure it out. And so that ended up chewing up all of our
	...

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